I cant say this enough. When a stock trades on the NYSE, it seems like some huge process just to get a fill. When i execute on the nasdaq, the process seems so short and sweet. No problems doing anything. I shorted a stock and rode it down on the Nasdaq this morning. It was so sweet. The shares popped up immediately, no waiting. Oh man, obtaining short shares on the NYSE, is the specialist seeking supervisory authority? What is the delay? Uh-oh, here is an equity that trades on the NYSE. Ugh. Its so manipulated and the fight never seems fair. The floor looks high tech on television, but it seems as if my order is going in by telegraph. There goes my order and suddenly the ask jumps. I then move up the order to the ask price and it still jumps a bit more. Is this a comedy routine? Is the specialist still in college pulling pranks? 9:30 comes around and all of the nasdaq stocks are trading away, full speed ahead. Oh man, the NYSE specialist takes his time. Gotta shake the cobwebs out of there and broom out the booth before we get started. Uh-oh, there is suddenly a mad rush of orders at the open as if the specialist were trying to catch up. There I see a specialist on television laughing and smiling while typing away. He sees my order and tries to play his tricks. Somehow he has gotten this down to an artform where he can piss off investors all day long. On CNBC he looks up at me with that evil grin giving me the wink. Move that order up 5 more cents and I will fill it. Then I do move it up a penny or two, as it executes the price suddenly falls as if my execution was at the high. This has been my experience with the NYSE for many many years. I love Jeffrey Citron, he is my hero. The inventor of the Island and the one who got us all started electronic trading. Although the Nasdaq, can be manipulated. It just seems like these human factors of speed and irresponsibility are non-issues. While many can fool the computer, the computer is not a human specialist so there are no behind the scene deals or irresponsible behavior. Come on, its 9:35am, can you please open the book. Stop hitting on the ladies. Please........
"Hatred"?.....Such a harsh word. Just trade Nasdaq and trade NYSE on the ECNs. Good post. Wonder how much longer they can last?
NYSE is all I trade. You can either try to beat the black boxes and quant programs on NAZ or try to battle 1 fool on the floor. Once you figure out all their little tricks, you can actually make some money.
I feel your pain there. Its the same way I felt 7 months ago when I started trading on the nyse. Anytime a stock is moving up strong, you better be in it already or you will most likely miss the move. For example, ICE today went up 7 points...He opens the stock at 91 and he very well knows that there is buying pressure coming BUT he decides to spread down to show 90.75 and all the piker day traders like me get scared and sell out. Then guess what, he runs it back towards 91 and there is about 5000 on the book at 91 and he spreads above 91 and shows 91.01 preventing the electronic traders from NXing. So I see this nonsense he is doing but I HAVE to get in so I place a market order hoping he'll fill me at least at 91.10, but NO, he spreads up to 91.50 even though there are shares on the book offered at .10, .15, .20, etc.... And while he spreads up to 91.50, his bid remains at 91 preventing you from accessing the orders on the book just in case the stock reverses. So I can't even try to get in at 91.50 considering my out is 50 cents away unless there are ecns with real bids.. Now, there is a classic example of a NYSE trade. On the other hand, in Nasdaq, you see that its gonna run up and you place a market order and sweep all available shares and another order comes in and another and another and the stock keeps moving naturally with supply and demand. Its no magic why some of the heavy hitters on the trader p/l forum make so much. They trade nasdaq... Trading NYSE is an art in and of itself. It took me a couple of months to get it. But once you get it, you will begin to feel what he is about to do. The nyse is all about the specialist and the ecns just follow him 95% of the time. Oh and the same goes for news stocks in NYSE. News comes out, specialist freezes and locks the book. So either you get in on the ecns hoping that he prints above/below your buy/sell point or you just miss the entire move as he spreads up/down. If you can successfully trade nyse stocks, then you can trade any damn thing in the world is my take on this...
I wasnt focused on ICE today, just looking at it now. Im wondering if the Nymex IPO will be good to get in on the first day or is it so oversubscribed that the first day price will force a pullback a few days later... Both the ICE and the NYX IPOs had pulled back after their initial appearance. There was a better price afterwards. Im thinking the only way to get a good price the first day would be to market order first minute of trading and hope to grab whatever is available from the pile and get in on the bottom of the mountain. I remember the Mastercard IPO. I had waited and waited. Studying the screen. I was looking at a blank screen for an hour or more. Waiting, waiting. Then it started trading. Hit the button, market order into the open, first minute, and got 2000 shares at 40.37.